DAVENPORT & Co LLC Cuts Stock Position in Occidental Petroleum Corporation $OXY

DAVENPORT & Co LLC trimmed its stake in shares of Occidental Petroleum Corporation (NYSE:OXY) by 8.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,774 shares of the oil and gas producer’s stock after selling 2,215 shares during the quarter. DAVENPORT & Co LLC’s holdings in Occidental Petroleum were worth $999,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Grove Bank & Trust lifted its holdings in shares of Occidental Petroleum by 129.2% in the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock valued at $36,000 after purchasing an additional 407 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Occidental Petroleum in the 1st quarter worth approximately $39,000. Spectrum Wealth Counsel LLC grew its holdings in shares of Occidental Petroleum by 5,000.0% in the 1st quarter. Spectrum Wealth Counsel LLC now owns 1,020 shares of the oil and gas producer’s stock worth $50,000 after acquiring an additional 1,000 shares during the period. Ransom Advisory Ltd acquired a new stake in shares of Occidental Petroleum in the 1st quarter worth approximately $54,000. Finally, Trifecta Capital Advisors LLC boosted its stake in shares of Occidental Petroleum by 4,393.9% during the first quarter. Trifecta Capital Advisors LLC now owns 1,483 shares of the oil and gas producer’s stock valued at $73,000 after acquiring an additional 1,450 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Occidental Petroleum Stock Performance

NYSE:OXY opened at $42.22 on Friday. Occidental Petroleum Corporation has a 12-month low of $34.78 and a 12-month high of $55.24. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $41.56 billion, a PE ratio of 24.98 and a beta of 0.95. The firm has a 50-day moving average price of $45.62 and a 200 day moving average price of $43.69.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.29 billion. Occidental Petroleum had a net margin of 8.79% and a return on equity of 13.78%. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 earnings per share. Research analysts anticipate that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Wednesday, September 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 56.80%.

Analyst Upgrades and Downgrades

OXY has been the topic of several analyst reports. HSBC upgraded Occidental Petroleum from a “hold” rating to a “buy” rating and raised their price objective for the stock from $48.00 to $55.00 in a report on Friday, October 3rd. UBS Group lowered their target price on Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Friday, October 3rd. Melius Research started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target for the company. Roth Capital lifted their target price on Occidental Petroleum from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, October 2nd. Finally, Bank of America lifted their target price on Occidental Petroleum from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $52.52.

Occidental Petroleum Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.